ExxonMobil plans investing $1 billion in Nigerian Oil Field

ExxonMobil plans to invest $1.05 billion to resurrect deepwater oil operations in the country. The investment will be used to increase production at the Usan oilfield, which is a part of the offshore block OML 138 in the eastern Niger Delta. Under the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) “Project 1 Million Barrels” initiative, Nigeria aims to increase its crude oil production to 20.4 million barrels per day. The capital infusion is scheduled to take place between Q2 2025 and 2027. The Usan field, which was discovered in 2002 and put into production in 2012, consists of 34 subsea wells connected to eight manifolds. ExxonMobil anticipates making a final investment decision (FID) by the third quarter of 2025, subject to funding partnerships and internal approvals. ExxonMobil Nigeria’s chief, Shane Harris, told NUPRC chief Gbenga Komolafe that the Usan project is one of several planned deepwater investments. The Owowo and Erha fields are among the others, demonstrating ExxonMobil’s wider dedication to Nigeria’s energy industry. Komolafe praised the announcement, stating that it reflects a resurgence of investor confidence and advances Nigeria’s overarching objective of reviving its oil production. According to ExxonMobil, upstream affiliates are in charge of managing five deepwater blocks in Nigeria. The following are the ExxonMobil upstream affiliates that are active in Nigeria: Esso Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeria (Offshore East) Limited, Esso Exploration and Production Nigeria (Deepwater West) Limited, Esso Exploration and Production Nigeria (Upstream) Limited, and Esso Exploration and Production Nigeria (Deepwater Ventures) Limited. ExxonMobil is advancing its larger goals in Nigeria. Exxon Mobil Corp. announced plans to invest $10 billion in offshore oil operations in September 2024 as part of a redoubled effort in Nigeria.